The National Bank of Hungary kept its benchmark interest rate unchanged at 6.25% in March 2026, in line with market expectations. The move comes at the final policy meeting before the April elections, amid market turbulence that has left Hungarian assets among the most vulnerable globally. Policymakers had lowered rates in February following a nearly 18‑month pause.
Although inflation dropped below the central bank’s target in February, the conflict in Iran and the resulting disruption in global energy markets have altered the interest-rate outlook. Money markets are now pricing in renewed monetary tightening, as landlocked Hungary confronts an interruption to oil supplies from Russia just as the Middle East crisis constrains global output.
